Forbes India 15th Anniversary Special

Morning Buzz: Akasa Air plans to raise $400 mln, Sobha promoters plan to establish hotel arm, and more

Here are the top business headlines this morning to get your day started

Samar Srivastava
Published: Sep 25, 2023 09:55:12 AM IST
Updated: Sep 25, 2023 10:02:21 AM IST

Morning Buzz: Akasa Air plans to raise 0 mln, Sobha promoters plan to establish hotel arm, and moreAkasa Air. Image: Francis Mascarenhas/ REUTERS

Akasa plans to raise $400 million

Akasa Air plans to raise $400 million at a $1 billion valuation. The Jhunjhunwala family is unlikely to participate and would dilute its stake in the airline. The fundraising planned over the next 12-18 months would involve fresh issuances of $75-100 million each. The airline had a 4.2 percent market share in August.
(Mint)

Gold buyers prefer monthly schemes

Top retailers are seeing a rise in interest in deferred or monthly payment schemes. Typically, the retailer offers some discount or incentive to customers taking part in such schemes. Tanishq received Rs3,890 crore through the scheme in FY23, while Reliance Retail received Rs282 crore in FY23. Even regional chains have monthly schemes. Senco Gold received Rs192 crore.
(Economic Times)

Listed firms to raise Rs50,000 crore via debt in September

Listed firms Shree Cement, HDFC Ergo and Godrej Industries are going ahead with debt plans to raise funds in September. This would bring the cumulative funds raised to Rs50,000 crore, marking the second time since April 2023 that the amount has been raised in a single month. AAA-rated firms are able to raise money at 7.45-7.8 percent.
(Financial Express)

Sobha promoters plan to establish a hotel arm

The Menon family, which owns the Sobha group, plans to establish a hotel arm, an investment arm and start operations in the US market. The group plans to start by constructing a portfolio of eight hotels in Kochi, Ahmedabad and Dubai. The company has already set up a team for its US operations.
(BusinessLine)